The Indian government-owned oil company purchased 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressures to avoid such purchases, according to an Indian government official. The official stated that India has not imposed sanctions on oil purchases and will look to buy more from Russia despite calls not to do so from the United States and other countries.
The U.S., the UK, and other Western nations are urging India to avoid purchasing Russian oil and gas, while Indian media reports indicate that Russia is offering discounts on oil purchases of 20% below global benchmark prices. Such prices have risen in recent weeks, placing a significant burden on countries like India, which imports 85% of the oil it consumes. Demand is expected to surge by 8.2% this year to 5.15 million barrels per day as the economy recovers from the devastation caused by the pandemic.
White House Press Secretary Jennifer Psaki earlier this week stated that India's purchases of Russian oil would not violate U.S. sanctions but urged India to "consider where you want to stand when writing history." In response to questions from reporters about India's oil purchases from Russia, Ministry of External Affairs spokesman Arindam Bagchi noted that many European countries are importing Russian oil and gas.
Bagchi said, "India imports most of its oil needs. We are exploring all possibilities in the global energy market. I don’t think Russia has been a major oil supplier to India." Iraq is India's largest supplier with a 27% share, followed by Saudi Arabia at about 17%, the United Arab Emirates at 13%, and the United States at 9%, according to the Press Trust of India.
